Will I get approved??

[Kelsey96]

Hi, I'm a student going into my last year. I have applied again to extend my student loan to cover accommodation costs etc. The difference this time is that I have an overdraft and am overdrawn by €500. The loan repayments come out of my mothers account and my grandmother is my guarantor. However, will me being overdrawn stop me getting the loan extension? I'm really worried about it

 

[24601]

It really depends on the credit union and how the loan was and will be assessed. Reading between the lines I'd hazard a guess that it was underwritten on the basis of your mother's repayment capacity rather than yours, and with a guarantor in addition to this you should be more than OK for such a small amount (assuming that the overall loan balance isn't massive). In any case, the CU wouldn't necessarily refuse because of an overdraft -there's often a bit of flexibility on student loans. You're best to apply and they should advise the best course of action to get it approved.